First Financial Federal Credit Union, the Wall-based not-for-profit financial cooperative that operates four locations throughout Monmouth and Ocean counties, will spend roughly $1.5 million to build a 3,000-square-foot branch on the site. The company broke ground on the single-story branch late last month and plans to open it in December. The company also plans to spend $4 million to move its headquarters there from Wall by 2016.

Rather than an expansion, however, First Financial's construction of the branch marks an attempt at consolidation. The company desired a freestanding branch on its own land, and so it allowed its lease of a storefront within Lanes Mill Marketplace on Route 9 North in the township to expire this past April and will do the same with its leased storefront within Barclay Square on Route 9 South in Freehold Township once it opens the new branch.

Similarly, First Financial's lease on its current headquarters on Route 34 in Wall will expire in 2016, so it will open a new corporate office building that will stand two stories tall and span 20,000 square feet.